Mitchell Mortgage Rates

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  • Trends
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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Mitchell averaged 5.77% for the week of 2022-06-23, compared to the national average of 5.81% for the same period.

    The average rate for the prior week (2022-06-16) was 5.64% and one month ago for the week of 2022-05-19, the average rate was 5.11%.

    Mitchell's average rate one year ago was 3.06%.

    For refis of the same type during the week of 2022-06-23, the average rate was 5.52%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2022-06-23 5.81%
    Mitchell 30 Year Fixed Rate 2022-06-23 5.77%
    Mitchell 30 Year Fixed Rate Refi 2022-06-23 5.52%
    Mitchell 15 Year Fixed Rate 2022-06-23 4.74%
    Mitchell 15 Year Fixed Rate Refi 2022-06-23 4.62%
    Mitchell 30 Year FHA 2022-06-23 -0.49%
    Mitchell 30 Year FHA Refi 2022-06-23 -0.46%
    Mitchell 30 Year USDA 2022-06-23 -0.52%
    Mitchell 30 Year USDA Refi 2022-06-23 -0.6%
    Mitchell 30 Year VA 2022-06-23 0.33%
    Mitchell 30 Year VA Refi 2022-06-23 -0.21%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

    Mitchell Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CORTRUST MORTGAGE, INC. 66 2.81% $4,066
    Plains Commerce Bank 37 3.04% $3,467
    BANKWEST, INC. 29 2.80% $3,824
    First Dakota National Bank 27 2.99% $2,170
    Wells Fargo Bank 12 3.39% $2,732
    U.S. Bank 11 2.72% $5,063
    QUICKEN LOANS, LLC 8 3.06% $4,782
    First National Bank of Omaha 8 3.16% $2,514
    Reliabank Dakota 7 2.96% $4,129
    GUARANTEED RATE, INC. 6 2.90% $2,828
    First PREMIER Bank 5 3.13% $2,786
    Great Western Bank 3 2.96% $2,959
    American Bank & Trust 3 2.83% $4,066
    First National Bank 2 3.19% $2,717
    CROSSCOUNTRY MORTGAGE, LLC 2 3.44% $5,787
    AMERISAVE MORTGAGE CORPORATION 2 2.62% $7,401
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.18% $2,770
    CU MORTGAGE DIRECT, LLC 2 3.13% $4,332
    CALIBER HOME LOANS, INC. 2 3.15% $3,700
    JPMorgan Chase Bank 1 3.00% $900
    LOANDEPOT.COM, LLC 1 3.13% $7,883
    Merchants Bank 1 2.78% $4,674
    MOVEMENT MORTGAGE, LLC 1 2.75% $2,576
    Mr. Cooper ( Nationstar Mortgage ) 1 3.63% $4,903
    NEWREZ LLC 1 3.13% $4,258
    Ohnward Bank & Trust 1 2.75% $1,634
    PENNYMAC LOAN SERVICES, LLC 1 4.13% $2,557
    PREMIA MORTGAGE, LLC 1 2.88% $827
    BLACK HILLS FEDERAL CREDIT UNION 1 2.99% $5,406
    Bank of the West 1 3.00% $2,298
    American State Bank 1 3.13% $2,604
    Dacotah Bank 1 2.63% $1,815
    Deere Employees Credit Union 1 2.88% $2,683
    First International Bank & Trust 1 3.25% $2,440
    Colonial Savings, F.A. 1 3.25% $3,692
    Flagstar Bank, FSB 1 3.63% $4,359
    CMG MORTGAGE, INC. 1 2.99% $2,520
    GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $5,225

    Mitchell, SD's 38 lenders originated 711 loans during 2021. The total origination value was $132,455,000, with an average loan value of $186,294.

    The top Mitchell lender as defined by loan originations is CORTRUST MORTGAGE, INC., with 66 loans originated. Their average total fees are $4,066, which is $598 higher than the next largest lender, Plains Commerce Bank.

    The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($2,170), Wells Fargo Bank ($2,732), Plains Commerce Bank ($3,467), BANKWEST, INC. ($3,824) and CORTRUST MORTGAGE, INC. ($4,066).

    The lowest rate Mitchell lenders (with over 10 loans originated) are U.S. Bank (2.72%), BANKWEST, INC. (2.80%), CORTRUST MORTGAGE, INC. (2.81%), First Dakota National Bank (2.99%) and Plains Commerce Bank (3.04%).

    Mitchell, SD Lender Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
    Plains Commerce Bank $17,230,000 $24,510,000 42.3% 18.5%
    CORTRUST MORTGAGE, INC. $31,460,000 $22,030,000 -30.0% 16.6%
    First Dakota National Bank $23,375,000 $16,405,000 -29.8% 12.4%
    BANKWEST, INC. $28,805,000 $15,025,000 -47.8% 11.3%
    U.S. Bank $8,405,000 $6,465,000 -23.1% 4.9%
    QUICKEN LOANS, LLC $4,680,000 $5,995,000 28.1% 4.5%
    Wells Fargo Bank $3,135,000 $4,195,000 33.8% 3.2%
    First National Bank of Omaha $6,465,000 $3,230,000 -50.0% 2.4%
    GUARANTEED RATE, INC. $805,000 $2,530,000 214.3% 1.9%
    Great Western Bank $4,510,000 $2,345,000 -48.0% 1.8%
    Reliabank Dakota $420,000 $2,095,000 398.8% 1.6%
    BLACK HILLS FEDERAL CREDIT UNION $105,000 $2,045,000 1,847.6% 1.5%
    First PREMIER Bank $2,270,000 $1,690,000 -25.6% 1.3%
    CU MORTGAGE DIRECT, LLC $1,660,000 $1,525,000 -8.1% 1.2%
    Mortgage Research Center, LLC $1,520,000 $1,495,000 -1.6% 1.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $365,000 $1,250,000 242.5% 0.9%
    First National Bank $605,000 $1,135,000 87.6% 0.9%
    American Bank & Trust $1,625,000 $980,000 -39.7% 0.7%
    AMERISAVE MORTGAGE CORPORATION $310,000 $920,000 196.8% 0.7%
    First International Bank & Trust $865,000 n/a 0.7%
    FREEDOM MORTGAGE CORPORATION $1,110,000 $820,000 -26.1% 0.6%
    LOANDEPOT.COM, LLC $390,000 $755,000 93.6% 0.6%
    UNITED WHOLESALE MORTGAGE, LLC $1,200,000 $670,000 -44.2% 0.5%
    Peoples Bank $635,000 n/a 0.5%
    CROSSCOUNTRY MORTGAGE, LLC $460,000 $625,000 35.9% 0.5%
    PENNYMAC LOAN SERVICES, LLC $325,000 $610,000 87.7% 0.5%
    JPMorgan Chase Bank $575,000 n/a 0.4%
    NEW DAY FINANCIAL, LLC $185,000 $565,000 205.4% 0.4%
    GUARANTY HOME MORTGAGE CORPORATION $525,000 n/a 0.4%
    The Federal Savings Bank $505,000 n/a 0.4%
    BETTER MORTGAGE CORPORATION $135,000 $465,000 244.4% 0.4%
    USAA Federal Savings Bank $160,000 $430,000 168.8% 0.3%
    NEWREZ LLC $135,000 $425,000 214.8% 0.3%
    CorTrust Bank $480,000 $415,000 -13.5% 0.3%
    First Guaranty Mortgage Corporation $400,000 n/a 0.3%
    Farm Credit Mid-America, ACA $1,035,000 $380,000 -63.3% 0.3%
    DAS Acquisition Company, LLC $370,000 n/a 0.3%
    BROKER SOLUTIONS, INC. $310,000 $365,000 17.7% 0.3%
    MOVEMENT MORTGAGE, LLC $260,000 $340,000 30.8% 0.3%
    Dacotah Bank $470,000 $315,000 -33.0% 0.2%
    Flanagan State Bank $115,000 $315,000 173.9% 0.2%
    The First National Bank in Sioux Falls $1,385,000 $280,000 -79.8% 0.2%
    Citizens Bank $315,000 $270,000 -14.3% 0.2%
    Bank of the West $195,000 $265,000 35.9% 0.2%
    Flagstar Bank, FSB $1,145,000 $255,000 -77.7% 0.2%
    Merchants Bank $255,000 n/a 0.2%
    Ohnward Bank & Trust $255,000 n/a 0.2%
    Barrington Bank & Trust Company, N.A. $310,000 $230,000 -25.8% 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $295,000 $230,000 -22.0% 0.2%
    First Savings Bank $135,000 $205,000 51.9% 0.2%
    NAVY FEDERAL CREDIT UNION $580,000 $205,000 -64.7% 0.2%
    Black Hills Community Bank $190,000 n/a 0.1%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $185,000 n/a 0.1%
    Bank of America $185,000 n/a 0.1%
    Servion, Inc. $185,000 n/a 0.1%
    Colonial Savings, F.A. $175,000 n/a 0.1%
    PREMIA MORTGAGE, LLC $145,000 $175,000 20.7% 0.1%
    CALIBER HOME LOANS, INC. $430,000 $170,000 -60.5% 0.1%
    IOWA BANKERS MORTGAGE CORPORATION $205,000 $165,000 -19.5% 0.1%
    First Bank & Trust $290,000 $155,000 -46.6% 0.1%
    American State Bank $75,000 $145,000 93.3% 0.1%
    Deere Employees Credit Union $145,000 n/a 0.1%
    Gateway First Bank $125,000 n/a 0.1%
    LONGBRIDGE FINANCIAL, LLC $115,000 n/a 0.1%
    SERVICE FIRST FEDERAL CREDIT UNION $660,000 $115,000 -82.6% 0.1%
    Carrington Mortgage Services, LLC $85,000 $105,000 23.5% 0.1%
    CMG MORTGAGE, INC. $105,000 $105,000 0.0% 0.1%
    SIOUX FALLS $195,000 $105,000 -46.2% 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $85,000 n/a 0.1%
    First Interstate Bank $335,000 $75,000 -77.6% 0.1%
    AMERICAN FINANCING CORPORATION $65,000 n/a 0.0%

    Mitchell's top lender by overall market share is Plains Commerce Bank, with 18.5% market share. In second place, with 16.6%, is CORTRUST MORTGAGE, INC., having originated $22,030,000 in loans. In third place, with 12.4%, is First Dakota National Bank, having originated $16,405,000 in loans. In third place, with 11.3%, is BANKWEST, INC., having originated $15,025,000 in loans. In third place, with 4.9%, is U.S. Bank, having originated $6,465,000 in loans.

    Mitchell, SD Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 297 $65,855,000 $221,734
    Refi 220 $36,440,000 $165,636
    Cash Out Refi 160 $27,240,000 $170,250
    Home Improvement 21 $1,425,000 $67,857
    Other 13 $1,495,000 $115,000

    Mitchell's most frequently cited loan purpose was Home Purchase, with 297 originations. The 2nd most popular reason was Refi, with 220 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    2.5-3% 260 $47,980,000 $184,538
    <2.5% 254 $44,020,000 $173,307
    3-4% 154 $36,080,000 $234,286
    4-5% 26 $2,710,000 $104,231
    5-6% 5 $185,000 $37,000
    7-8% 2 $50,000 $25,000
    6-7% 1 $75,000 $75,000

    During 2021, Mitchell's most frequently originated rate bucket was 2.5-3%, with 260 originations.

    Loan Sizing (Mitchell, SD MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 317 $46,405,000 $146,388
    $200k-400k 195 $50,815,000 $260,590
    $100,000 or less 166 $11,150,000 $67,169
    $400k-600k 27 $12,995,000 $481,296
    $Over $1MM 4 $9,490,000 $2,372,500
    $600k-1000k 2 $1,600,000 $800,000

    Mitchell's loan sizing saw the bucket of loans from $100k-200k with 317 originations, totaling $46,405,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 262 $52,800,000 $201,527
    60-80% 246 $46,330,000 $188,333
    40-60% 108 $22,340,000 $206,852
    20-40% 48 $5,100,000 $106,250
    Under 20% 22 $690,000 $31,364
    Over 100% 7 $1,415,000 $202,143

    Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 262 originations, totaling $52,800,000 in origination value.

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $164,650 (4.6%) $270,046 (35.7%) 0.00 59
    2018-02-01 $179,500 (15.1%) $294,752 (53.1%) 0.00 57
    2018-03-01 $189,000 (21.2%) $306,180 (63.0%) 0.00 46
    2018-04-01 $203,500 (30.5%) $301,083 (55.5%) 0.00 52
    2018-05-01 $197,000 (18.4%) $288,617 (38.4%) 0.00 54
    2018-06-01 $199,495 (18.4%) $295,133 (40.1%) 0.00 55
    2018-07-01 $168,000 (1.9%) $259,303 (26.1%) 0.00 60
    2018-08-01 $164,000 (-0.4%) $238,048 (10.7%) 0.00 71
    2018-09-01 $159,750 (-1.4%) $236,405 (9.5%) 0.00 64
    2018-10-01 $153,000 (-4.1%) $213,505 (-16.8%) 0.00 62
    2018-11-01 $159,750 (2.1%) $229,323 (-11.6%) 0.00 63
    2018-12-01 $160,000 (1.3%) $254,101 (-2.4%) 0.00 61
    2019-01-01 $175,500 (6.6%) $283,864 (5.1%) 0.00 44
    2019-02-01 $174,750 (-2.7%) $253,809 (-13.9%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $257,485 (-15.9%) 0.00 40
    2019-04-01 $188,314 (-7.5%) $258,099 (-14.3%) 0.00 39
    2019-05-01 $177,500 (-9.9%) $242,632 (-15.9%) 0.00 45
    2019-06-01 $174,900 (-12.3%) $194,225 (-34.2%) 0.00 63
    2019-07-01 $177,500 (5.7%) $201,590 (-22.3%) 0.00 66
    2019-08-01 $165,071 (0.7%) $193,656 (-18.7%) 0.00 80
    2019-09-01 $148,500 (-7.0%) $179,339 (-24.1%) 0.00 86
    2019-10-01 $147,200 (-3.8%) $174,507 (-18.3%) 0.00 81
    2019-11-01 $147,500 (-7.7%) $171,277 (-25.3%) 0.00 73
    2019-12-01 $138,250 (-13.6%) $162,953 (-35.9%) 0.00 66
    2020-01-01 $135,750 (-22.7%) $150,728 (-46.9%) 0.00 60
    2020-02-01 $144,900 (-17.1%) $166,128 (-34.6%) 0.00 64
    2020-03-01 $149,450 (-17.4%) $168,598 (-34.5%) 0.00 66
    2020-04-01 $154,900 (-17.7%) $171,040 (-33.7%) 0.00 66
    2020-05-01 $155,000 (-12.7%) $170,286 (-29.8%) 0.00 67
    2020-06-01 $139,700 (-20.1%) $170,247 (-12.4%) 0.00 62
    2020-07-01 $153,000 (-13.8%) $199,755 (-0.9%) 0.00 62
    2020-08-01 $154,900 (-6.2%) $201,712 (4.2%) 0.00 59
    2020-09-01 $156,000 (5.1%) $193,471 (7.9%) 0.00 55
    2020-10-01 $128,500 (-12.7%) $186,735 (7.0%) 0.00 54
    2020-11-01 $124,000 (-15.9%) $181,454 (5.9%) 0.00 47
    2020-12-01 $119,900 (-13.3%) $328,061 (101.3%) 0.00 38
    2021-01-01 $149,000 (9.8%) $366,643 (143.3%) 0.00 32
    2021-02-01 $149,500 (3.2%) $385,415 (132.0%) 0.00 31
    2021-03-01 $180,950 (21.1%) $376,501 (123.3%) 0.00 37
    2021-04-01 $202,500 (30.7%) $386,881 (126.2%) 0.00 37
    2021-05-01 $241,500 (55.8%) $453,803 (166.5%) 0.00 38
    2021-06-01 $241,950 (73.2%) $451,541 (165.2%) 0.00 45
    2021-07-01 $225,000 (47.1%) $433,895 (117.2%) 0.00 55
    2021-08-01 $209,750 (35.4%) $373,410 (85.1%) 0.00 76
    2021-09-01 $219,250 (40.5%) $400,021 (106.8%) 0.00 56
    2021-10-01 $189,000 (47.1%) $382,168 (104.7%) 0.00 44
    2021-11-01 $180,000 (45.2%) $352,924 (94.5%) 0.00 39
    2021-12-01 $154,700 (29.0%) $332,682 (1.4%) 0.00 33
    2022-01-01 $139,900 (-6.1%) $318,938 (-13.0%) 0.00 27
    2022-02-01 $159,950 (7.0%) $316,770 (-17.8%) 0.00 31
    2022-03-01 $206,450 (14.1%) $341,711 (-9.2%) 0.00 36
    2022-04-01 $222,500 (9.9%) $329,149 (-14.9%) 0.00 46
    2022-05-01 $217,450 (-10.0%) $317,758 (-30.0%) 0.00 50
    Mitchell's median listing price for 2022-05-01 was $217,450, a difference of $-24,050 (-10.0%) versus the prior year and $-5,050 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2022-05-01 was $317,758, a difference of $-136,045 (-30.0%) versus the prior year and $-11,391 versus the prior month.

    For the 2022-05-01 period, Mitchell had 50 MLS listings, a difference of 4 listings (9%) versus the prior month and 12 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,742 sqft
    2018-02-01 0 days 1,751 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,665 sqft
    2018-05-01 0 days 1,751 sqft
    2018-06-01 0 days 1,754 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,656 sqft
    2018-09-01 0 days 1,650 sqft
    2018-10-01 0 days 1,631 sqft
    2018-11-01 0 days 1,766 sqft
    2018-12-01 0 days 1,840 sqft
    2019-01-01 0 days 1,941 sqft
    2019-02-01 0 days 1,925 sqft
    2019-03-01 0 days 1,686 sqft
    2019-04-01 0 days 1,854 sqft
    2019-05-01 0 days 1,828 sqft
    2019-06-01 0 days 1,912 sqft
    2019-07-01 0 days 1,874 sqft
    2019-08-01 0 days 1,774 sqft
    2019-09-01 0 days 1,734 sqft
    2019-10-01 0 days 1,639 sqft
    2019-11-01 0 days 1,574 sqft
    2019-12-01 0 days 1,454 sqft
    2020-01-01 0 days 1,394 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,636 sqft
    2020-04-01 0 days 1,674 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,561 sqft
    2020-07-01 0 days 1,525 sqft
    2020-08-01 0 days 1,773 sqft
    2020-09-01 0 days 1,747 sqft
    2020-10-01 0 days 1,773 sqft
    2020-11-01 0 days 1,880 sqft
    2020-12-01 0 days 1,921 sqft
    2021-01-01 0 days 2,005 sqft
    2021-02-01 0 days 2,003 sqft
    2021-03-01 0 days 1,968 sqft
    2021-04-01 0 days 2,023 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,889 sqft
    2021-07-01 0 days 1,889 sqft
    2021-08-01 0 days 1,905 sqft
    2021-09-01 0 days 1,998 sqft
    2021-10-01 0 days 1,920 sqft
    2021-11-01 0 days 1,913 sqft
    2021-12-01 0 days 1,708 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,515 sqft
    2022-03-01 0 days 1,872 sqft
    2022-04-01 0 days 1,757 sqft
    2022-05-01 0 days 1,656 sqft
    Mitchell's median listing age (time on market) for 2022-05-01 was 0 days.

    Mitchell's median square footage for active listings during the 2022-05-01 period was 1,656 sqft. One year prior, the average listing was 2,074 sqft.